Its proposal would reduce the amount of information that businesses are required to submit to tax authorities and encourage electronic filing, it said. Businesses would be expected to file the standard VAT return on a monthly basis, while micro-enterprises would only have to submit on a quarterly basis, according to the proposal; and the obligation to submit a yearly VAT return containing the same information would be abolished.

“The standard VAT return presents a win-win situation,” said Taxation Commissioner Algirdas Šemeta. “Businesses will enjoy simpler procedures, reduced costs and less red tape. Governments will have a new tool to facilitate VAT compliance, which should increase the revenues they collect. Today’s proposal therefore supports both our commitment to a business-friendly Single Market and our drive to improve tax compliance in the EU.”

The proposal comes as part of the Commission’s programme of work to simplify the common system of VAT and make it more robust against fraud. The High Level Group on Administrative Burdens, set up by the Commission to advise it on reducing the administrative impact of EU legislation on businesses, has also backed the introduction of a standard VAT return.

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From 1 July 2018, taxpayers are as stated earlier obliged to provide within 24 hours invoice data for domestic transactions with a minimum VAT amount of 100,000 HUF (322 EUR).Although we offer a fully SAP-integrated solution in SAP itself to submit required data in an automated way, it is essential to review whether the data in SAP itself is correct and comp […]

From 1 July 2018, taxpayers are as stated earlier obliged to provide within 24 hours invoice data for domestic transactions with a minimum VAT amount of HUF 100,000 (322 EUR). The ERP system must be able to detect sales invoices meeting reporting requirements: the minimum VAT amount. To be able to comply with the requirements and provide the data on in time, […]

To speed up the joint processing and analysis of data within Eurofisc, the Commission is currently developing TNA software for voluntary use by the Member States as of 2018.In order to maximise TNA’s potential to identify fraudulent networks across the whole EU, Regulation (EU) No 904/2010 would make clearer provision for the joint processing and analysis of […]

According to the Commission's proposals, VAT will now be charged on cross-border trade between businesses. Currently, this type of trade is exempt from VAT, providing an easy loophole for unscrupulous companies to collect VAT and then vanish without remitting the money to the government.It will be simpler for companies that sell cross-border to deal wi […]

The fierce debate on a fair distribution of tax revenues by governments has reached new heights. Tax shift due to risk allocation of transactions to low tax rate countries and even globalization itself are under political discussion.Protectionism is an important part of the strategic objectives of certain governments. Additionally, the discussion concerning […]

Tax authorities are besides optimizing traditional tax reporting systems increasingly implementing in addition electronic (almost) 'real-time' transaction reporting systems. It is expected that tax authorities due to technological innovations become increasingly better and faster in executing their tax audit.Complementary to the existing and more t […]

The critical conditions for successThe importance of indirect tax has increased over the last couple of years. While the rates for direct tax, corporate income tax, are decreasing, the rates for indirect tax keep rising. At multinational companies we’re easily talking about amounts of over 5 billion euros of indirect tax flowing through the books.According t […]

The Governments of the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar (status unknown due to GCC politics/friction), Saudi Arabia and the United Arab Emirates that make up GCC - are committed to form a common framework for the introduction of value added tax (VAT) in the region. In order to achieve conformity within the GCC, it is anticipated […]

SNI SAP-ZUGFERD is a SAP certified SAP add-on enabling electronic invoice exchange including structured data in an efficient way. ZUGFeRD is an abbreviate for »Zentraler User Guide des Forum elektronische Rechnung Deutschland«. It is a new invoicing standard that will play a major role in efficient and effective electronic invoicing. ZUGFeRD invoices carry b […]

Many countries nowadays implement the BEPS recommendations such as the ‘master’ and ‘local’ file and the ‘Country-by-Country’ report. In general, this not only leads to an aggravation of Transfer Pricing (hereafter: TP) compliance activities, but also results in the potential discovery of errors that were previously undetectable. Indeed, TP processes are gen […]

In an increasing number of countries, laws and regulations are established that force companies to be transparent with regard to their handling of tax risks, (fiscal) risk management, risk appetite – also in relation to tax planning – and the way of dealing with tax authorities.This concerns the actual fiscal management, including the way in which the compan […]

A partnership is closed between the Key Group, SNI and the international operating SAP consultancy firm 'ConVista Consulting' with offices amongst others in Madrid and Barcelona. Key Group and SNI operate from Netherlands, Poland and Turkey.Who we areIn order to establish synergies to support business SAP challenges of our clients we have setup a j […]

The term materiality has many meanings and definitions. Boundaries of materiality are primarily determined based on personal estimations. This can be estimations by auditors, risk management departments, company directors, etc.The term materiality, used as a quantitative norm, then serves as an approval boundary. Evidently, the materiality used to determine […]

Tax moral is shifting. More often what is (still) legally allowed may not automatically be accepted by the public opinion. Reputational damage is imminent.Both on direct and indirect taxation the tax authorities have set their priorities. The tax authorities not only want to receive more tax data, but also faster and more often. In addition, there is a tende […]

We offer a new SAP add-on solution that creates automatically the VAT Smartform from SAP. When our SAF-T SAP add-on solution has been purchased this additional functionality will be managed under SAF-T cockpit as a different report.Companies selling across European Union borders have to submit EC Sales List (ESL). This should contain the details of sales or […]

In Spain a new VAT reporting system will enter into force on the 1st of July 2017. The new Spanish requirements will have a huge impact on many (multi)nationals that run SAP. SAP add on for SIIThe SAP add-on is based on the selection of the VAT relevant transactions from the SAP ledgers. This can be done manually with a new SAP transaction or in an automated […]

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Tax News' is designed to keep readers abreast of current developments, but it is a general guide only and is not intended to be a comprehensive statement of the law. No liability is accepted for the opinions it contains, or for any errors or omissions